| | | F 广发期货 投资咨询业务资格:证监许可 【2011】1292号 2025年4月25日 出量 | 品种 | 4月25日 | 4月18日 | 涨跌 | 涨跌幅 | 単位 | | --- | --- | --- | --- | --- | --- | | 纯碱开工率 | 89.50% | 89.50% | 0.00 | 0.00% | | | 纯碱周产量(万吨) | 75.51 | 75.56 | 0.0 | -0.07% | | | 浮法日熔量(万吨) | 15.78 | 15.85 | -0.1 | -0.44% | | | 光伏日熔量(吨) | 96640.00 | 94240.00 | 2400.0 | 2.55% | | | 3.2mm镀膜主流价(元) | 22.00 | 22.00 | 0.0 | 0.00% | | | 1 | | | | | | 库存 | 品种 | 4月25日 | 4月18日 | 涨跌 | 涨跌幅 | 単位 | | --- | --- | --- | --- | --- | --- | | 玻璃厂库 (万重箱) | 6547.33 | 6507.80 | 39 ਦ | ...

FFRINGTEDH 投资咨询业务资格: 证监许可【2011】1292号 2025年4月25日 欢迎关注微信公众号 主力合约 板块 品种 点评 操作建议 进入月底,A股市场交易即将召开的政治局会议可 IF2506 能推出的增量刺激政策,白宫表现出关税缓和意向 IH2506 股指 避险板块坚挺,A股结构性分化 IC2506 。指数下方支撑较稳定,可卖出虚值看跌期权赚取 IM2506 权利金。 T2506 短期在政策节奏不确定性和资金面约束下,债市或仍以震荡为 单边策略上短期建议可以区间操作,关注政策出台 TF2506 主(10年期利率波动空间或在1.61%-1.7%),中期等待降准 节奏。基差策略上,建议参与TS合约正套策略。 国债 TS2506 降息落地,届时有望打开期债上行空间 曲线策略上建议适当关注做陡 金融 TL2506 金价短期将迎来长假节日期间消息扰动波动或上 升,建议轻仓参与,多头及时通过期货或期权等对 美联储官员释放鸽派信号 美股延续反弹态势 宽松预期提振贵金 AU2506 贵金属 冲风险;避险消退带来金银比的修复,银价或回到 AG2506 属 前高阻力位附近在32-34美元(8000-8500 ...

原木期货日报 证监许可 【2011】1292号 2025年4月25日 4月11日 单位 4月18日 涨跌 张跌幅 地区 中国 351.00 359.00 -2.23% -8.0 -6.2 -3.02% 205.0 万/立方米 山东 198.80 江苏 112.76 117.64 -4.9 -4.14% 需求: (周慶) 日均出阵量 4月11日 涨跌幅 地区 4月18日 单位 旅跌 中国 6.51 7.16 -0.65 -9% -15% 万/立方米 3.30 3.90 -0.60 山东 江苏 2.57 2.53 2% 0.04 原木日均出库量(万方) 原木主要港口库存(万方) 750 650 550 450 350 250 150 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/111/112/1 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 1/1 2022 - 2023 ·2024 =2022 =2024 =2023 · 2025 辐射松3.8中A现货价(元/立方米) 辐射松4米中A: CFR价(美元/JAS立方米 220 87 ...

1. Report Industry Investment Ratings - No industry investment ratings were provided in the reports. 2. Core Views Steel - The current market sentiment recovery and low inventory reality are expected to lead to a temporary stabilization of prices, but the repeated macro - expectations still interfere with the market, and the upward driving force is insufficient. It is recommended to wait and see on a single - side basis. The long - steel and short - ore strategy has fallen to near the previous low, and the support near the previous low can be observed [1]. Iron Ore - The iron ore is expected to fluctuate widely. The terminal demand for finished products determines the sustainability of high iron - water production. The marginal changes lie in exports and infrastructure. The decline in exports is highly certain, and attention should be paid to the hedging strength of domestic demand. After the iron - water production reaches a phased peak, the supply - demand pressure will increase [4]. Coke and Coking Coal - It is recommended to continue to hold the strategy of long - coke and short - coking coal. The fundamentals of coke have improved month - on - month. The latest news that the US may ease high - tariff policies on China has improved the macro - expectations. It is expected that coking enterprises will propose a second price increase soon, which will support the futures price [7]. Ferrosilicon - The overall downward space of ferrosilicon is limited. In the short term, the supply - demand contradiction of ferrosilicon is alleviated, but the factory inventory is high and the steelmaking demand reaches a phased peak, so the price lacks the impetus to rebound. It is expected that the ferrosilicon price will fluctuate horizontally [8]. Ferromanganese - The price of ferromanganese is expected to fluctuate weakly. In the short term, the supply - demand contradiction of ferromanganese needs to be resolved, and the market sentiment remains volatile due to frequent domestic and foreign disturbances [8]. 3. Summary by Directory Steel Steel Prices and Spreads - The prices of most steel products, including rebar and hot - rolled coils in different regions and contracts, showed a downward trend. For example, the rebar 05 contract decreased by 29 yuan/ton, and the hot - rolled coil 05 contract decreased by 32 yuan/ton [1]. Cost and Profit - The costs of steel billets and some steel production processes changed slightly. The profits of hot - rolled coils in different regions generally increased, while the profits of rebar in the north were still in the negative range but improved [1]. Production and Inventory - The daily average iron - water production remained unchanged at 240.1 tons, and the production of five major steel products increased by 0.4%. The inventory of five major steel products decreased by 3.2%, and the inventory of rebar decreased by 4.2% [1]. Demand - The apparent demand for steel products showed a mixed trend. The apparent demand for rebar decreased by 5.1%, while the apparent demand for hot - rolled coils increased slightly by 0.1%. The annual demand is difficult to have a positive growth expectation, and the production has returned to the year - on - year growth level [1]. Iron Ore Prices and Spreads - The prices of most iron ore varieties, including spot and contract prices, showed a downward trend. The 05 - contract basis of some iron ore varieties increased, and the spreads between different contracts changed to varying degrees [4]. Supply - The global iron ore shipments increased slightly week - on - week, while the arrivals decreased significantly. The port inventory increased, and the backlog of ships at ports was still high [4]. Demand - The daily average iron - water production of 247 steel mills increased significantly to 244 tons, mainly due to the repair of steel mill profits and the resumption of blast furnaces. The apparent demand for finished products showed a mixed trend [4]. Coke and Coking Coal Prices and Spreads - The futures prices of coke and coking coal showed an upward trend. The first - round price increase of coke at the factory level was implemented, and the spot market of coking coal was generally stable [7]. Supply - The production of coking coal in domestic mines continued to resume, and the production of coke increased slightly [7]. Demand - The utilization rate of downstream steel - mill production capacity slowed down. The iron - water production increased significantly to over 244 tons per day, and there is a possibility of reaching a peak in the future [7]. Inventory - The total inventory of coking coal decreased slightly, with upstream mines starting to accumulate inventory and ports continuing to reduce inventory. The total inventory of coke increased slightly, with coke plants reducing inventory and steel mills and ports increasing inventory [7]. Ferrosilicon Prices and Spreads - The futures price of the ferrosilicon main contract weakened again, and the prices of most spot varieties remained stable or decreased slightly [8]. Cost and Profit - The price of semi - coke remained stable, and the production costs of different regions increased slightly. The production profits decreased [8]. Supply - Ferrosilicon continued to reduce production, with the production volume decreasing by 1.4% and the operating rate decreasing by 4.6% [8]. Demand - The demand for ferrosilicon showed a mixed trend. The iron - water production increased significantly, and the export in March increased by 24.46% month - on - month, but the market generally believed that there was no special driving force [8]. Inventory - The inventory of 60 sample enterprises decreased by 11.8%, and the average available days of downstream ferrosilicon decreased by 5.0% [8]. Ferromanganese Prices and Spreads - The futures price of the ferromanganese main contract fell again, and the prices of most spot varieties decreased slightly [8]. Cost and Profit - The prices of manganese ores in different origins decreased slightly, the production costs decreased, and the losses of some regions deepened [8]. Supply - Ferromanganese continued to reduce production, with the production volume decreasing by 1.4% and the operating rate decreasing by 5.9% [8]. Demand - The demand for ferromanganese increased slightly. The iron - water production increased significantly, and the 4 - month procurement of Hebei Iron and Steel Group showed a double - decline in quantity and price [8]. Inventory - The inventory of 63 sample enterprises increased by 15.4%, and the average available days of ferromanganese inventory increased by 2.1% [8].

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年4月25日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 261000 | 258800 | 2200 | 0.85% | | | SMM 1#锡升贴水 | 1000 | 1000 | 0 | 0.00% | 元/吨 | | 长江 1#锡 | 261500 | 259300 | 2200 | 0.85% | | | LME 0-3升贴水 | -217.01 | -222.00 | 4.99 | 2.25% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -7203.46 | -6057.89 | -1145.57 | -18.91% | 元/吨 | | 沪伦比值 | 8.28 | 8.31 | ...

| 股指期货价差日报 | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年4月25日 | | 叶倩宁 | Z0016628 | | | 价差 品种 最新伯 | 较前一日变化 | 历史1年分位数 | | 全历史分位数 | | F期现价差 -47.56 | 5.33 | 5.70% | | 5.10% | | H期现价差 -19.56 期现价差 | 1.87 | 11.40% | | 8.80% | | -127.88 IC期现价差 | 12.07 | 2.00% | | 1.00% | | IM期现价差 -153.08 | 11.51 | 85.00% | | 3.70% | | 次月-当月 -34.40 | -3.20 | 0.80% | | 9.60% | | 李月-崇月 -90.20 元月-当月 -114.00 | -2.00 -1.00 | 0.40% 0.80% | | 8.50% 14.50% | | F跨期价差 -55.80 李月-次月 | 1.20 | 1.60% | | 9.00% | | 元月-次 ...

収期现日报 投资咨询业务资格:证监许可 【2011】1292 2025年4月25日 | 期货收盘价 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 4月24日 | 4月23日 | 涨跌 | 张跌幅 | 单位 | | 01合约 | 1726 | 1729 | -3 | -0.17% | 元/吨 | | 05合约 | 1766 | 1761 | 5 | 0.28% | | | 09合约 | 1758 | 1762 | -4 | -0.23% | | | 甲醇主力合约 | 2289 | 2300 | -11 | -0.48% | | | HOIr. A WHI IA & | | | | | | | 品种 | 4月24日 | 4月23日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | 无烟煤小块(晋城) | 1000 | 1000 | 0 | 0.00% | 元/吨 | | 动力煤坑口(伊金霍洛旗) | 445 | 445 | 0 | 0.00% | | | 动力煤港口(奏皇岛) | ...

| 5928 | 5658 | 88.60% | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF506) | 270 | 4.77% | 折算价:6517硅锰:内蒙-湖北仓单 | 硅罐(SM509) | 5970 | 5822 | 148 | 49.60% | 2.54% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 74 | HRB40020mm:上海 | 3180 | 2.38% | 螺纹钢 (RB2510) | 3106 | 44.00% | Q235B: 4.75mm: 上海 | 36 | 35.30% | 3240 | 3204 | 1.12% | 热卷 (HC2510) | | | | | | 80 | 铁矿石 (12509) | 801 | 721 | 11.14% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 60.30% | -50 | -3.12% | 1541 | ...

| | | F 广发期货 投资咨询业务资格:证监许可 【2011】1292号 2025年4月25日 蒋诗语 Z00170002 玻璃相关价格及价差 前期市场宏观情绪转好,商品集体反弹,前期跌势已久宏观利好下向上有一定 修复需求。基本面来看，产量高位水平，日度总体产量随着部分碱厂检修结束 重新走高，周产恢复至75万吨以上。近期低价下游采买以及检修折损带动碱厂 小幅去库,不过随着产量回升,碱厂后市仍面临非常严峻的库存压力。近期光 伏、浮法产线日熔稳定,光伏复产滞后较难消化高供应压力,短期宏观利好提 振盘面,可等反弹后偏弱对待,短期暂观望。 | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | 华北报价 | 1260 | 1260 | 0 | 0.00% | | | 华东报价 | 1370 | 1370 | 0 | 0.00% | | | 华中报价 | 1180 | 1180 | 0 | 0.00% | | | 华南报价 | 1330 | 1330 | 0 | 0.00% | 元/吨 | | 玻璃2505 | 1106 | ...

本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。本报告反映 | | | 油脂产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025年4月25日 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | 王漆框 | Z0019938 | | 原田 | | | | | | | | | | | 4月24日 | 4月23日 | 张跃 | 张跌幅 | | | 现价 | 江苏一级 | 8400 | 8300 | 100 | 1.20% | | | 期价 | Y2509 | 7892 | 7890 | 2 | 0.03% | | | 某差 | Y2509 | 508 | 410 | 08 | 23.90% | | | 现货墓差报价 | 江苏4月 | 05 + 390 | 05 + 390 | 0 | - | | | 仓单 | | 3735 | 3735 | 0 | 0.00% | | 棕榈油 | | | | | | | | | | | 4月24日 | 4月23日 | ...